With the country’s economic activity picking up pace, Corporate India has another reason to rejoice. The Corporate India Risk Index 2021 score of 62 is up from 57 in 2020, representing ‘optimized risk handling’ with scope for further improvement. These findings are a part of the second edition of ICICI Lombard’s Corporate India Risk Index (CIRI). The company has released the study in continued collaboration with Frost and Sullivan, a leading global management consulting firm.
The second edition of Corporate India Risk Index 2021 (CIRI) was launched in the presence of Bhargav Dasgupta, MD and CEO, ICICI Lombard, Chief Guest Nirmalya Kumar, Lee Kong Chian Professor of Marketing at Singapore Management University, Alok Agarwal, Executive Director, ICICI Lombard, and Aroop Zutshi, President and Managing Partner, Frost & Sullivan.
CIRI is a first-of-its-kind risk measurement tool to gauge the level of a company’s risk exposure and preparedness. A higher score signifies better risk management, enabling companies to adopt effective risk management practices.
The framework comprises 32 risk elements across six dimensions. This year, the study covered 220 companies across 20 sectors, in comparison to 150 companies across 15 sectors in 2020. The five new sectors include agriculture and food processing, biotech and life sciences, aerospace and defense, media and gaming, and educational skill development.
Commenting on the launch, Bhargav Dasgupta, MD & CEO, ICICI Lombard, said, “The improvement in India Inc.’s score of nearly 9% reflects better risk management across 200 corporates from 20 industries. With a continued focus on risk agenda in the boardroom, we have the potential to move from ‘Optimal’ to ‘Superior Risk Handling’ on the Index.”
